Deal of the Week: Live in One, Rent the Other

• June 19th 2012

by Shilpi Paul

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Properties with an appealing rental unit make buying seem much sweeter. This installment of Deal of the Week allows you to live and be a landlord in an up-and-coming neighborhood.

The listing is a two-flat row house located in Near Northeast, a few blocks from the H Street Corridor and Florida Avenue Market (map). Each unit has two bedrooms and one bathroom and one of the units has a newly renovated kitchen, the agent told UrbanTurf. The corner lot location means that the home has more windows than a typical row house, and the living room and bedrooms are light filled.

The units appear to be in good condition so it’s likely that with the appropriate paperwork, a buyer could fill one or both floors with renters pretty soon. With the imminent emergence of Union Market and the streetcar line along H Street, the rental unit will likely get more valuable in the coming years. The price, proximity to emerging neighborhoods, size of the rental unit, and overall good condition make us feel that this home will move fast.

More photos and details below.

• Address: 658 Morton Street NE (map)
• Price: $449,000
• Bedrooms: Four
• Bathrooms: Two
• Year Built: 1917
• Listing Agent: Kenneth Johnson, DCRE

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4 percent.

• Loan Amount: $359,200
• Principal and Interest: $1,715 per month
• Property Taxes: $281 per month (based on 2010 figures)
• Total Monthly Payments: $1,996

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_live_in_one_rent_the_other/5668.